Dissecting the listing gap: Mergers, private equity, or regulation?

IF 2.1 2区经济学 Q2 BUSINESS, FINANCE

Journal of Financial Markets Pub Date : 2023-09-01 DOI:10.1016/j.finmar.2023.100836

Gabriele Lattanzio , William L. Megginson , Ali Sanati

引用次数: 0

Abstract

The abnormal decline in the number of U.S. public firms is often blamed on merger activity, private equity investments, and stock market regulations. We compare the effects of these channels in a unified framework. In the U.S., an extra 100 mergers is associated with 22.01 additional missing public firms, whereas an extra 100 PE deals is associated with 3.62 fewer missing public firms. Regulatory changes contribute to the decline of U.S. listings too. We also specify the types of deals that most strongly affect listings. Finally, we document that similar listing gaps emerge in other developed economies.

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剖析上市差距:并购、私募股权还是监管?

美国上市公司数量的异常下降通常被归咎于合并活动、私募股权投资和股市监管。我们在一个统一的框架中比较这些渠道的效果。在美国，额外的100笔合并与22.01家失踪的上市公司有关，而额外的100宗PE交易与3.62家失踪的公司有关。监管变化也导致了美国上市公司的减少。我们还指定了对上市影响最大的交易类型。最后，我们记录了其他发达经济体也出现了类似的上市缺口。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Journal of Financial Markets BUSINESS, FINANCE-

CiteScore

3.40

自引率

3.60%

发文量

期刊介绍： The Journal of Financial Markets publishes high quality original research on applied and theoretical issues related to securities trading and pricing. Area of coverage includes the analysis and design of trading mechanisms, optimal order placement strategies, the role of information in securities markets, financial intermediation as it relates to securities investments - for example, the structure of brokerage and mutual fund industries, and analyses of short and long run horizon price behaviour. The journal strives to maintain a balance between theoretical and empirical work, and aims to provide prompt and constructive reviews to paper submitters.